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March 28, 2023 | 3:25 pm
Shares of AMC Entertainment Holdings jumped more than 18% on Tuesday, their biggest gain in a month, after a report that e-commerce giant Amazon was looking to buy the theater chain.
Amazon founder Jeff Bezos has sent his investment advisers and top entertainment executives to explore plans to buy AMC, cross reportciting sources familiar with the discussion.
AMC did not immediately respond to a Reuters request for comment, while Amazon declined to comment.
amazon last year Closed $8.5 billion deal for MGMadding the company on the back of “Rocky” and James Bond, in a bid to lure more customers to its Prime Video streaming service amid heightened competition.
Shares of AMC, which has risen 12-fold in 2021 on the back of Reddit, are up about 11% this year through Monday’s close.
Movie theaters have struggled to draw crowds since pandemic restrictions lifted as rising costs lead people to spend more on groceries, rent and gas, while spending less on outdoor entertainment.
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